Vehicle parts supplier ArvinMeritor Inc has withdrawn its $2.67 billion takeover bid for Dana Corp after the Dana board unanimously rejected a bid of $18 per share November 23.
"We are disappointed that the Dana board is unwilling to sit down with us and has chosen instead to deprive Dana's shareowners of the immediate and substantial value," Larry Yost, chairman and chief executive of Troy MI-based ArvinMeritor, said in a statement.
Dana officials said its stockholders will be better served by retaining their shares and benefiting from the companyÕs restructuring.
"We are now pleased that this distraction is apparently behind us and that we can focus intensely on our business and on creating value for our shareholders," said Michelle Hards, director of investor relations for Toledo OH-based Dana.
